President Barack Obama’s guarantee on $1 billion of Egyptian Eurobonds is poised to reduce the country’s borrowing costs, helping the transition to democracy after six decades of autocratic rule.

The support that Obama pledged last month may cut yields on the five-year debt by 200 basis points, or the equivalent of $100 million, according to the median estimate of five fund managers surveyed by Bloomberg. Yields on Egypt’s one-year bills jumped to the highest level since November 2008 following the uprising that ousted President Hosni Mubarak in February. The country last sold international debt in April 2010.

“The American backing is a complete game changer,” Michael Cirami, who helps manage $12 billion in assets for Boston-based Eaton Vance Corp., said in a telephone interview. “There may be a spill-over effect that it’s going to reduce the risk premium of their non-guaranteed debt and help them re-enter the market eventually on their own.”

KUALA LUMPUR, May 22 – Several Islamic leaders have questioned the loyalty of non-Muslims in the country, declaring today the community’s rights must be re-evaluated if Malaysia is to call itself an Islamic state.

Former president of Islamic Da’wah Foundation Malaysia (Yadim), Datuk Nakhaie Ahmad, said treatment of non-Muslims must be based on the social contract agreed and pointed out that the government has been too gracious to the community.

“In attempts to get vote and support of non-Muslims, we have been very gracious in giving them their civil rights. Civil rights given to them includes the rights to vote, participation in politics, hold office, involvement in the military and so forth but we cannot just willingly give them everything.

“Our offer must be based on religious practices. If we look at the prophet’s agreement in the Madinah constitution, civil rights were given to the Jews but the rights must be paid back with responsibility. They must have the responsibility and agree to defend our country and not insult the agreement,” he said during a forum here.

CAIRO — Egypt's military rulers told human rights advocates Monday that at least 7,000 civilians have been sentenced to prison terms by military courts since Hosni Mubarak was ousted — an astoundingly high number likely to fuel debate over how much the revolution has changed the country.

Advocates said the military promised to review the cases and vacate any improper guilty verdicts and commute the sentences. But the advocates voiced skepticism and demanded more information about civilians in military custody.

"This is not the first time they've promised," said Mona Seif, a member of a rights group called No Military Trials that met with the Supreme Council of the Armed Forces, Egypt's ruling body. "We were offered no guarantees whatsoever."

The use of military courts to try people who've been detained in anti-government protests in recent months is highly charged here. One of the complaints against Mubarak's regime was that it silenced dissidents by quickly prosecuting them in military courts. The caretaker government that took over after Mubarak's resignation has done little to alter the practice, however.

Seif said the military council told her group that 7,000 civilians had been tried in military courts since Mubarak resigned Feb. 11 and other cases were pending. But the council offered no details, Seif said. "We asked the council to provide the exact number and the names of any civilian held by military police," she said.